Generally, cryptocurrencies, including BTC and XMR, are considered volatile assets. However, you can profit from them with the right information. This guide describes how to profit from investing in Monero (XMR) and how to start.
Let’s get through this!
Why XMR is the Best Coin to Invest In
How to Exchange Monero
Will Cryptocurrency Be Profitable in 2021?
To answer this question, we have to look at the arguments that are both for and against investing in cryptocurrency.
- Cryptocurrency mining has become popular among big companies. They’ve built large mining networks, keeping the cryptocurrency transactions on their hardware, and they are receiving profits from transaction fees; thus, supporting the entire crypto industry.
- There are several medium-sized companies now investing in cryptocurrencies. The reason for this is because experts believe that these digital currencies are going to provide more returns over time and also preserve their capital value.
- Cryptocurrencies are protected from inflation. There’s a fixed amount on each cryptocurrency at the point of launching, with each of their source codes specifying the amount of the coin, e.g. there are only 21 million Bitcoins in the world. Consequently, the value rises with a corresponding increase in demand, preventing inflation.
- Decentralization is one of the biggest advantages of cryptocurrency. This ensures that there is no monopoly and that the value and flow of the coin can’t be determined by one organization or individual. This gives the coin stability and the holders privacy and security.
- Regulation is one of the major problems that cryptocurrencies are facing. Many governments regulate cryptocurrencies, and some coins are even banned or prohibited in certain countries.
- The volatility of crypto coins offers some uncertainty, which can be positive or negative. That is why it’s important to understand the risks involved before investing.
Why XMR Is the Best Coin to Invest In
Key factors that determine this:
- Privacy. Monero is a private coin that doesn’t allow third parties to trace or monitor transactions. This is why it is becoming popular and has sparked an explosion of privacy coins.
- Fast transactions. The transaction speed of XMR is high in comparison to other coins, such as BTC, that require 10–15 minutes processing time.
- Good performance. Monero currently shows an upward trend and experts forecast continued positive performance.
- Lower price. The relatively lower price of XMR makes it easier to invest in, unlike a highly-priced coin like BTC.
How to Exchange Monero
To understand how to convert BTC to XMR we have chosen a reliable converter, Godex.io, as an example.
Choose the currency: Go to the You Send field, choose BTC, and input the number of coins. Then select XMR in the You Get field and click on Exchange.
Enter wallet address: Put your XMR address into the Destination address. Also fill in the Sender address with your BTC address, in case you need a refund.
Commit exchange: You’ll receive XMR within a few minutes.
There are numerous factors at play when considering how relevant investing in cryptocurrency is now and in the future. Also, the characteristics of Monero make it a good choice. What you need is a reliable exchange where you’ll be able to convert cryptocurrencies.